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SSgA Upromise 529 Plan

Nevada

Upromise Investments is program manager for several 529 plans, and maintains this one, The SSgA Upromise 529 Plan in Nevada as its branded version. In April 2012 State Street Global Advisors (SSgA) replaced Vanguard as investment manager and the plan was renamed the SSgA Upromise 529 Plan. The program features college-date, risk-based and static portfolio options utilizing SPDR ETFs, and a savings portfolio option. Accounts can be linked to the Upromise rewards service.

5-Cap Rating

Resident:
Non-Resident:

Savingforcollege.com's 5-Cap Ratings provides an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the following categories. (Scale 0 to 5; 5 is highest)

Performance Costs Features Reliability Resident Upgrade
2.54 3.46 4.13 4.20 0.06

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General

Program type:

Savings

How to enroll:

Enroll directly with the program. Enroll Now

Initial year of operation:

2002

State agency(ies):

Board of Trustees of the College Savings Plans of Nevada

Program manager:

Upromise Investments, Inc. is program manager and State Street Global Advisors (SSgA) is investment manager except for the Savings Portfolio, which is managed by Sallie Mae Bank.

Program distributor:

Upromise Investments, Inc.

Manager contract term:

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Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

U.S. citizens and resident aliens of legal age, UGMA/UTMA custodians, and legal entities.

Significant time or age restrictions imposed by the program:

None

Contributions

Maximum contributions:

Accepts contributions until all account balances in Nevada's 529 plans for the same beneficiary reach $370,000.

Minimum contributions:

With lump-sum contributions, the minimum initial contribution is $15, and the minimum subsequent contribution is $50. With the automatic investment plan, the minimum contribution level is $50 per month via bank transfer or $15 per payroll via payroll deduction.

Investment Options

Age-based investment options:

Seven College-Date Portfolios allow account owners to select the year in which the beneficiary is expected to start college. The portfolio's investment track is automatically adjusted from more aggressive to more conservative as the beneficiary grows older (and closer to the selected college date year).

Static investment options:

Select among three risk-based portfolios (aggressive, moderate, or conservative), 15 individual-fund portfolios, and an FDIC-insured savings account.

Underlying investments:

SPDR ETFs, where applicable, a SSgA money market mutual fund and a Sallie Mae High-Yield Savings Account.

Underlying fund allocations:

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Investment performance link:

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Portfolio Fees & Performance Lookup

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Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

$20 annually, waived if either the account owner or beneficiary is a resident of Nevada or if the account owner is invested in the Savings Portfolio at the time the annual fee is assessed.

Program management fees:

0.22% manager fee (0.27% for Savings Portfolio) plus state fee of 0.02% and tactical asset allocation fee of 0.09% for risk-based and age-based portfolios.

Expenses of the underlying investments:

0.12% - 0.24% in the age based and static portfolios; 0.09% - 0.65% in the individual fund portfolios; none for the Savings Portfolio.

Total asset-based expense ratio:

0.33% - 0.89%; 0.29% for the Savings Portfolio.

Taxes and other Benefits

Program match on contributions:

The Silver State Matching Grant Program provides a maximum $300 annual matching contribution ($1,500 lifetime maximum) for each beneficiary from a Nevada family with prior-year AGI of $74,999 or less. The account owner must also be a Nevada resident. Applications are accepted each year from April 1 through July 31.

State tax deduction or credit for contributions:

Not applicable. Nevada does not have a personal income tax.

State tax treatment of qualified distributions:

Not applicable. Nevada does not have a personal income tax.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

No

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

No

Does the program have a formal agreement with a rewards program or outside scholarship program?

Yes, with the Upromise rewards service.

Statutory protection of an account from creditors:

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Distributions & Terminations

To whom are distributions made payable:

Eligible educational institution, beneficiary, or account owner, as directed by the account owner.

Account Changes

Policy regarding participant/owner changes:

Accepts requests to transfer account ownership.

Documents, Access & Reporting

Does participant have online password-protected access to account?

Yes

Can the complete enrollment process including funding be done online?

Yes

Documents and other services accessible or downloadable on the program's public Web site:

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Contact

Web site:

visit Enroll Now

Telephone:

1-800-587-7305

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